Empower Federal Credit Union Mortgage Rates, Fees & Info
Syracuse, NYLEI: 549300YKTME1U7Z0UN20
Tax ID: 15-0547278
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Mortgage Data
Review & Overview
Empower Federal Credit Union is a smaller credit union specializing in Home Purchase, Refi, and Cash Out Refi loans. Empower Federal Credit Union has a high proportion of conventional loans. Their top markets by origination volume include: Syracuse, Auburn, Rochester, Binghamton, and Utica among others. We have data for 44 markets. (Some data included below & more in-depth data is available with an active subscription.)Empower Federal Credit Union has an average approval rate when compared to the average across all lenders. They have a below average pick rate when compared to similar lenders. Empower Federal Credit Union is typically a low fee lender. (We use the term "fees" to include things like closing costs and other costs incurred by borrowers-- whether they are paid out of pocket or rolled into the loan.) They typically have about average rates.
We show data for every lender and do not change our ratings-- even if an organization is a paid advertiser. Our consensus data does have lag, but it is highly correlated to a lender's rates & fees relative to their markets. This means that if a bank is a low fee/rate lender the past-- chances are they are still one today. Our SimulatedRates™ use advanced statistical techniques to forecast different rates based on a lender's historical data.
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SimulatedRates™Mortgage Type |
Simulated Rate | Simulation Date |
|---|---|---|
| Home Equity Line of Credit (HELOC) | 5.75% | 12/16/24 |
| 30 Year Conventional Purchase | 6.32% | 12/16/24 |
| 30 Year Conventional Refi | 6.11% | 12/16/24 |
| 30 Year Cash-out Refi | 6.21% | 12/16/24 |
| 15 Year Conventional Purchase | 5.66% | 12/16/24 |
| 15 Year Conventional Refi | 6.24% | 12/16/24 |
| 15 Year Cash-out Refi | 6.24% | 12/16/24 |
| These are simulated rates generated by our proprietary machine learning models. These are not guaranteed by the bank. They are our estimates based on a lender's past behaviors combined with current market conditions. Contact an individual lender for their actual rates. Our models use fixed rate terms for conforming loans, 700+ FICO, 10% down for FHA and 20% for conventional. These are based on consensus, historical data-- not advertised promotional rates. | ||
Empower Federal Credit Union Mortgage Calculator
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The default purchase price is the median sales price across the US for 2022Q4, per FRED.
Originations
3,465Origination Dollar Volume (All Markets)
$379,825,000Top Markets
Zoom/scroll map to see bank's per metro statistics. Subscribers can configure state/metro/county granularity, assorted fields and quantity of results. This map shows top 10 markets in the map viewport, as defined by descending origination volume.
| Market | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| SYRACUSE, NY (FHA|USDA|VA) | 2,886 | $302,910,000 | $104,958 | $2,598 | 3.46% |
| Auburn, NY (FHA|USDA|VA) | 118 | $11,110,000 | $94,153 | $2,156 | 3.82% |
| ROCHESTER, NY (FHA|USDA|VA) | 53 | $8,995,000 | $169,717 | $2,673 | 3.30% |
| BINGHAMTON, NY (FHA|USDA|VA) | 86 | $8,630,000 | $100,349 | $2,140 | 4.00% |
| UTICA-ROME, NY (FHA|USDA|VA) | 79 | $8,515,000 | $107,785 | $2,694 | 3.64% |
| BUFFALO-CHEEKTOWAGA, NY (FHA|USDA|VA) | 64 | $7,880,000 | $123,125 | $2,527 | 4.18% |
| ITHACA, NY (FHA|USDA|VA) | 2 | $6,780,000 | $3,390,000 | $0 | 3.83% |
| Outside of Metro Areas | 17 | $2,665,000 | $156,765 | $2,151 | 4.55% |
| WATERTOWN-FORT DRUM, NY (FHA|USDA|VA) | 16 | $2,340,000 | $146,250 | $2,562 | 3.17% |
| ELMIRA, NY (FHA|USDA|VA) | 38 | $2,070,000 | $54,474 | $2,023 | 3.79% |
| New York-Newark-Jersey City, NY-NJ-PA (FHA|USDA|VA) | 7 | $1,705,000 | $243,571 | $6,055 | 3.14% |
| North Port-Sarasota-Bradenton, FL (FHA|USDA|VA) | 4 | $1,320,000 | $330,000 | $6,180 | 2.72% |
| Corning, NY (FHA|USDA|VA) | 4 | $1,220,000 | $305,000 | $2,363 | 3.53% |
| ALBANY-SCHENECTADY-TROY, NY (FHA|USDA|VA) | 8 | $1,140,000 | $142,500 | $2,541 | 3.22% |
| CHARLOTTE-CONCORD-GASTONIA, NC-SC (FHA|USDA|VA) | 6 | $1,050,000 | $175,000 | $4,559 | 2.92% |
| Cortland, NY (FHA|USDA|VA) | 9 | $1,045,000 | $116,111 | $3,498 | 2.72% |
| Amsterdam, NY (FHA|USDA|VA) | 17 | $1,025,000 | $60,294 | $1,905 | 3.75% |
| TAMPA-ST. PETERSBURG-CLEARWATER, FL (FHA|USDA|VA) | 3 | $1,015,000 | $338,333 | $4,940 | 2.96% |
| Gloversville, NY (FHA|USDA|VA) | 6 | $880,000 | $146,667 | $2,986 | 3.37% |
| Philadelphia-Camden-Wilmington, PA-NJ-DE-MD (FHA|USDA|VA) | 2 | $830,000 | $415,000 | $8,035 | 2.50% |
| Miami-Fort Lauderdale-Pompano Beach, FL (FHA|USDA|VA) | 2 | $690,000 | $345,000 | $5,228 | 3.31% |
| Seneca Falls, NY (FHA|USDA|VA) | 5 | $585,000 | $117,000 | $2,988 | 4.72% |
| BRIDGEPORT-STAMFORD-NORWALK, CT (FHA|USDA|VA) | 2 | $520,000 | $260,000 | $13,561 | 3.19% |
| Ogdensburg-Massena, NY (FHA|USDA|VA) | 6 | $480,000 | $80,000 | $2,054 | 3.37% |
| CAPE CORAL-FORT MYERS, FL (FHA|USDA|VA) | 1 | $445,000 | $445,000 | $7,740 | 3.75% |
| HARTFORD-EAST HARTFORD-MIDDLETOWN, CT (FHA|USDA|VA) | 3 | $405,000 | $135,000 | $5,338 | 5.12% |
| JACKSONVILLE, FL (FHA|USDA|VA) | 1 | $315,000 | $315,000 | $1,648 | 3.00% |
| HOMOSASSA SPRINGS, FL (FHA|USDA|VA) | 1 | $305,000 | $305,000 | $4,061 | 3.88% |
| NAPLES-MARCO ISLAND, FL (FHA|USDA|VA) | 1 | $275,000 | $275,000 | $6,319 | 3.50% |
| Olean, NY (FHA|USDA|VA) | 2 | $260,000 | $130,000 | $4,491 | 3.63% |
| Jamestown-Dunkirk-Fredonia, NY (FHA|USDA|VA) | 1 | $255,000 | $255,000 | $0 | 3.00% |
| BURLINGTON, NC (FHA|USDA|VA) | 1 | $245,000 | $245,000 | $4,629 | 3.13% |
| PALM BAY-MELBOURNE-TITUSVILLE, FL (FHA|USDA|VA) | 1 | $235,000 | $235,000 | $5,427 | 3.13% |
| NEW BERN, NC (FHA|USDA|VA) | 1 | $235,000 | $235,000 | $4,101 | 2.88% |
| GLENS FALLS, NY (FHA|USDA|VA) | 2 | $210,000 | $105,000 | $1,718 | 3.56% |
| RALEIGH-CARY, NC (FHA|USDA|VA) | 1 | $205,000 | $205,000 | $6,275 | 3.00% |
| DELTONA-DAYTONA BEACH-ORMOND BEACH, FL (FHA|USDA|VA) | 1 | $205,000 | $205,000 | $4,886 | 3.25% |
| Oneonta, NY (FHA|USDA|VA) | 2 | $200,000 | $100,000 | $4,492 | 3.88% |
| NEW HAVEN-MILFORD, CT (FHA|USDA|VA) | 1 | $195,000 | $195,000 | $3,967 | 2.63% |
| DURHAM-CHAPEL HILL, NC (FHA|USDA|VA) | 1 | $145,000 | $145,000 | $2,553 | 2.38% |
| GREENSBORO-HIGH POINT, NC (FHA|USDA|VA) | 1 | $145,000 | $145,000 | $3,958 | 3.63% |
| Sayre, PA (FHA|USDA|VA) | 1 | $105,000 | $105,000 | $0 | 3.00% |
| Batavia, NY (FHA|USDA|VA) | 1 | $25,000 | $25,000 | $0 | 3.25% |
| EAST STROUDSBURG, PA (FHA|USDA|VA) | 1 | $15,000 | $15,000 | $0 | 4.99% |
Similar Lenders
We use machine learning to identify the top lenders compared against Empower Federal Credit Union based on their rates and fees, along with other useful metrics. A lower similarity rank signals a stronger match.
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Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 2,134 | $277,190,000 | $129,892 | $2,614 | 3.62% |
| HELOC | 1,331 | $102,635,000 | $77,111 | n/a | 3.33% |
For 2021, Empower Federal Credit Union's most frequently originated type of loan was Conventional, with 2,134 originations. Their 2nd most popular type was HELOC, with 1,331 originations.
Loan Reason
For 2021, Empower Federal Credit Union's most frequently cited loan purpose was Home Improvement, with 884 originations. The 2nd most popular reason was Home Purchase, with 878 originations.
Loan Duration/Length
For 2021, Empower Federal Credit Union's most frequently cited loan duration was 30 Year, with 2,136 originations. The 2nd most popular length was 15 Year, with 702 originations.
Origination Fees/Closing Costs
Empower Federal Credit Union's average total fees were $3,583, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 1,233 originations.
Interest Rates
During 2021, Empower Federal Credit Union's average interest rate for loans was 3.30%, while their most frequently originated rate bucket for loans was 2.5-3%, with 1,405 originations.
Loan Sizing
2021 saw Empower Federal Credit Union place emphasis on $100,000 or less loans with 1,951 originations, totaling $107,875,000 in origination value.
Applicant Income
Empower Federal Credit Union lent most frequently to those with incomes in the $50k-75k range, with 904 originations. The second most popular income band? $50k or less, with 769 originations.
Applicant Debt to Income Ratio
Empower Federal Credit Union lent most frequently to those with DTI ratios of 20-30%, with 837 originations. The next most common DTI ratio? 30-36%, with 612 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications85.41%
Empower Federal Credit Union has an average approval rate.
Pick Rate
Approvals leading to origination86.98%
Empower Federal Credit Union has an average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 3,465 | $379,825,000 | $109,618 |
LTV Distribution
Complaints
| Bank Name | Product | Issue | 2021 CPFB Complaints | % of Total Issues |
|---|---|---|---|---|
| EMBRACE HOME LOANS | Conventional home mortgage | Applying for a mortgage or refinancing an existing mortgage | 2 | 40.0% |
| EMBRACE HOME LOANS | Conventional home mortgage | Closing on a mortgage | 1 | 20.0% |
| EMBRACE HOME LOANS | Conventional home mortgage | Trouble during payment process | 1 | 20.0% |
| EMBRACE HOME LOANS | VA mortgage | Applying for a mortgage or refinancing an existing mortgage | 1 | 20.0% |